A problem faced by many trailer owners is the amount of space required to store a trailer. As an example, storing a conventional trailer in an average-sized garage bay can occupy the space meant for a passenger vehicle. This issue also presents itself for businesses that rent/lease utility/cargo trailers (e.g., U-Haul® franchises) and that may have limited available on-site real estate for parking/stowing a plurality of trailers not being used. To solve these types of problems, folding trailers were developed. Though there are many configurations of folding trailers in the art, all of the existing configurations share three negative aspects: First, they require substantial physical exertion to fold and unfold; second, handling the trailer components when folding or unfolding can present the potential for serious injury to users; and third, the process of folding and unfolding a trailer is very time-consuming. What is needed is an improved folding trailer that addresses these issues in a cost-effective, easy-to-use fashion.